Raymond Realty Q1FY27 Results
Raymond Realty Limited, headquartered in Mumbai, issued its unaudited financial results for the quarter ended 30 June 2026 (Q1FY27) on 8 August 2026. The company reported a robust Booking Value (BV) of ₹700 Crore, representing a 129% year‑on‑year increase from ₹306 Crore in Q1FY26. The BV contribution mix comprised 64% Joint Development Agreements (JDAs) and 36% the Thane land parcel.
The total portfolio’s Gross Development Value (GDV) now stands at approximately ₹52,000 Crore, reflecting a diversified asset base across the Mumbai Metropolitan Region (MMR). Customer collections reached ₹550 Crore in Q1FY27, up 47% from ₹374 Crore in the comparable quarter last year.
Financial performance indicators showed total income of ₹536 Crore, a 37% rise over ₹392 Crore in Q1FY26. EBITDA increased to ₹70 Crore from ₹41 Crore, a 70% surge, lifting the EBITDA margin to 13% from 11% in the prior year. Profit before tax (PBT) before exceptional items fell to ₹15 Crore from ₹21 Crore, a 29% decline, with the PBT margin contracting to 2.8% from 5.4%.
The balance sheet remained prudent, with net debt of ₹824 Crore and a debt‑to‑equity ratio of 0.7x, comfortably below the 1.0x ceiling. Liquidity stood at ₹271 Crore, providing funding for the next year of construction, while the cost of debt remained stable at approximately 9.60%.
Strategic Portfolio & Operational Review
The company secured an ~₹8,500 Crore JDA project in Parel, underscoring its shift to an asset‑light growth model. The 100‑acre Thane land parcel carries an estimated revenue potential of ~₹25,000 Crore; of this, about 65 acres (≈6.7 million sq ft of RERA carpet area) are under development, offering a revenue potential of ~₹16,500 Crore. Sales from the Thane parcel total ~₹9,400 Crore, with collections of ~₹7,460 Crore to date.
The JDA portfolio now includes eight projects with a combined revenue potential of ~₹27,000 Crore. Four JDA projects have been launched in Bandra, BKC, Wadala and Sion, covering roughly 2.8 million sq ft of RERA carpet area and a revenue potential of ~₹11,500 Crore. Sales from the JDA segment amount to ~₹2,900 Crore, with collections of ~₹692 Crore. Recent signings of two additional JDA projects—one in Kandivali (~₹3,000 Crore) and another in Parel (~₹8,500 Crore)—further strengthen the company’s presence in prime MMR micro‑markets.
Performance & Liquidity Outlook
Booking momentum continued with the ₹700 Crore booking value driven by strong demand for the Ten X, The Address by GS and Invictus by GS brands across Thane, Bandra, BKC, Wadala and Sion. The company reaffirmed its FY27 guidance, targeting approximately 20% growth in both pre‑sales and revenue, a Return on Capital Employed (ROCE) of ~20%, and an EBITDA margin range of 17%–19%.
Management Commentary
Mr. Harmohan Sahni, Managing Director & CEO, stated: “We have entered FY27 with strong operational momentum, carrying forward the scaled execution and strategic clarity that defined our performance last year. Our performance this quarter reflects sustained homebuyer confidence in the Raymond Realty brand and the continued success of our disciplined, asset‑light JDA strategy across prime micro‑markets in the MMR. We remain committed to sharp execution, financial prudence, and accelerating our growth trajectory to deliver long‑term value to our shareholders.”
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